Is Sharjah a new business hub in UAE?
Prominence of business setup in Sharjah:
Sharjah is one midst the seven emirates of UAE known as a cost-effective alternative to Dubai for having a business base due to the availability of the International Airport and high end infrastructure. Sharjah is one of the safest cities in the world with a very low crime-rate. Sharjah is thriving with economic development, and is one of the most rewarding economic terminuses that appeal the foreign investment. The Government of Sharjah distinguishes the importance and the need of trade, service, and manufacturing sectors in association to the country’s economy, and has therefore formed policies that encourage foreign direct investment.
Lithe policies have played a prominent role in triumphing the trust and interest of investors, and have mainly contributed to the swift economic growth. Further, the business tendency in Sharjah stays optimistic as it has always highlighted on supporting global economy and friendly trading relations with various countries across the globe.
- Tax haven (no corporate or income tax)
- Modern Legal Framework
- No Foreign Exchange Controls, Trade Barriers
- Security of Investment
- 100% Foreign Company Ownership
- 100% Repatriation of Capital and Profits
- Presence of Multiple Local and Foreign Banks and Advanced Communication System
Different Types of Company setups in Sharjah:
The types of companies which could be registered in Sharjah are Limited Liability Company (LLC), Professional Company and a Branch of a foreign company.
All the commercial activities will be falling under the category of Limited Liability companies and all the services companies will fall under the professional companies.
A professional Company can be formed as a sole establishment or a civil company. As per the economic department of Sharjah, if the investors willing to have a 100% ownership for a commercial license it is still possible by making the legal type of the company as sole establishment with an unlimited liability.
The third category is the branch of a foreign company and this is suitable for those who want to have the honor of working in the local market and yet hold the shareholding structure. Branch companies can market the parent company in the local market and still continue to even transact in the local market.
Advantages of setting up a Main Land company in Sharjah.
Sharjah is known for the cultural diversity and is also known as the Cultural Capital of the U.A.E.
Having the international Airport and other features the city is developed as a modern city.
Known for the industrial Investments as an Industrial hub of UAE.
Hi tech infrastructure showcasing the world class services.
The government being politically stable gives the confidence to the investors.
The growth in population and also known as the third largest city of Uae.
Cost In Setting up a Business in Sharjah:
The set up cost in Sharjah is comparatively low than Dubai. The major cost saving aspect would be the rental spaces of the office or the shop which is the major attractions of this emirate. The approximate cost of having a normal trading or a service license with Sharjah will cost around AED 25000.
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